New home sales in Singapore for August surprise with 16% rise m-o-m

The sums – which were published by the Urban Redevelopment Authority (URA) on Tuesday formed on its inspection of qualified housing real estate investors – count out executive condominium (EC) units, which are a public-private housing crossbreed.

There were also more units introduced by real estate investors in August as 1,582 units were introduced, of which 109 were in the Core Central Region (CCR), 821 in Rest of the Central Region (RCR), and also 652 were Outside the Central Region (OCR).

Adding in ECs, developers moved 1,307 units in August, up 14 per cent from 1,142 units in July and even 12 per cent higher than the 1,168 units moved in August in 2019.

Regardless economic headwinds plus the Hungry Ghost Festival, property developers in Singapore sold 1,256 private homes in August, 16 per cent over July’s take-up.

August’s take-up in the RCR (ruling out ECs) stood at 622 units, as opposed to 128 units in CCR plus 506 units in Optical Character Recognition.

In observation, 82 per cent less units were introduced for sale in July as Singapore considerably arised from the “circuit breaker”. There were in addition nearly 56 per cent added units opened up in August compared to the similar month a year ago when 1,015 units were introduced.

Discussing the numbers for the month of August, Mr Lee replied: “Possible explanations for the strong set of numbers could be down to genuine buying need developed by the depleted rate of interest community, shortfall of another sturdy venture asset, and the worry of missing out.”

” Sales in the RCR were helped by the launch of Forett@Bukit Timah and also Noma,” mentioned Lee Sze Teck, director (research study) at Huttons Asia.

Christine Sun, head of research at OrangeTee & Tie, expressed: “The residential property market started the pattern with higher new apartment sales inked in August, (as) market routine traditionally tends to slow at the time of the seventh lunar month. New house sales accelerated ‘high and even quicker’ than projected after the “circuit-breaker” days, which upended sales in April plus May (when there were) showflat stoppages.” The sales for new homes last month arrived at an 11-month high as well as a fourth continuous month-to-month rise in the middle of the Covid-19 pandemic along with global economic slowdown, she carried on to point out.

Piermont Grand showflat


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